UK parliamentary group asks major banks to explain treatment of crypto firms
Two co-chairs of the UK Parliament’s Crypto and Digital Assets APPG have written to the CEOs of all major British banks, asking them to explain how they handle crypto and digital asset businesses. The letter contains six questions covering current banking policies, whether services are offered to crypto companies, what transaction restrictions are in place, and what factors shape those decisions. It also asks whether banks plan to change their approach once the Financial Conduct Authority’s new regulatory regime takes effect. The move follows a parliamentary inquiry into access to banking services launched on July 21, with written submissions open until Aug. 31. The group said many crypto businesses struggle to open bank accounts in the UK, while some banks also restrict related payments. A January survey by the UK Cryptoasset Business Council estimated that 40% of transfers to crypto exchanges were blocked or delayed by banks. HSBC, NatWest, Monzo and Nationwide cap monthly transfers to exchanges at £5,000 to £10,000, while Starling and Chase UK prohibit such transfers entirely.








